Debt frequently asked questions
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IVA Frequently Asked Questions
Q: How much per month will I have to pay ?
A: An advisor will go through your income and outgoings and work out your net disposable income you can afford per month after you have paid your essential household bills , this is the amount you will pay for a period usually 60 month ( 5yrs ).
Q: Will my home be safe?
You will not usually have to sell your property when in an IVA. If you do own your home, you need to take reasonable steps at the end of the IVA to make any equity available to your creditors (usually by re-mortgaging). This requirement is also true for bankruptcy, except that bankruptcy often means you do have to sell your home.
Q: What if my creditors don't agree?
At least 75% of votes (in value) at your creditor meeting must be in favour of your IVA proposal. Creditors can suggest modifications to your proposal and you can choose whether to accept them or not.
If your creditors don't vote in favour you will still have the option of an informal arrangement with your creditors, or of bankruptcy.
Q: Do I have to pay any costs?
We don't charge you any fees since these are agreed with and paid by your creditors as part of the IVA. Providing you keep to the agreement for five years, any debt you can't afford to repay will be written off by your creditors. In summary, you pay only the affordable monthly amount you and your creditors agree to under the terms of the IVA.
Q: Will I ever be able to get credit again?
Yes. During your IVA you have agreed not to obtain further credit. When your IVA is completed, it is likely to remain on the credit reference databases for a further year. During this time you will probably still find credit difficult to obtain. However, when your IVA concludes successfully, your credit rating is likely to be repaired more quickly than if it fails.
Generally, you are better able to obtain credit once your debt problem has been resolved. When considering entering into an IVA, the last thing you should be thinking about is more credit! There are many lenders who will look at your ability to pay, and successful completion of an IVA, rather than just your credit file.
A successfully completed IVA is an excellent example of a good payment history.
Call us now on 0800 23 000 23 or apply online then relax, the moneyteam will help you find the perfect solution.
Our fully trained and licensed advisors have helped thousands of people just like you to raise money
Up to 75% of your debts
can be written off
